TE24 Business Desk:
RIYADH – Earlier on Tuesday, Brent crude oil prices remained almost unchanged and investors considered supply concerns in Norway due to concerns about a possible global recession to reduce production and reduce fuel demand. The rise of $ 1 is reversed.
Brent crude oil futures settled in September up 0.2% (22 cents) at 32 113.73 a barrel by 0432 Greenwich Mean Time.
US Western Texas intermediate crude has risen $ 1.95 (1.8%) to $ 110.38 a barrel since closing on Friday. There was no WTI accounting on Monday due to the US holiday “Independence Day”.
Dragon Oil extends Dubai-based Turkmenistan partnership for 1 billion
Following the expiration of the current agreement in May 2025, Dragon Oil has extended its production partnership with state-owned Turkmenistan for 10 years. Has signed a 1 billion deal to increase. The state news agency WAM reported on Monday.
Of the total, US $ 500 million will be paid in cash and the remaining US $ 500 million will be paid in 13 years.
The mine has recovered by about 90% from Ecuador’s oil production,
said the oil producer from Ecuador Agreements between the government and protesters have been restored by almost 90% since the end of the national protests last weekend.
The Ministry of Energy said this on Monday. In June, 4,444 protests erupted in Ecuador, demanding lower fuel prices and restrictions on the expansion of the mining and oil industries. At least eight people were killed in the protests and the country’s oil production was destroyed.
Last Thursday, the government of President Guillermo Lasso and tribal leaders signed an agreement to end the crisis. Oil production at that time was about 262,000 barrels per day. The Ministry of Mines and Energy said in a statement that it later recovered 461,637 barrels / day.
“Some 952 wells have been reactivated, meaning about 10 percent of the closed wells have not yet been restored,” Ecuador’s energy minister Javier Vera said in a statement. State-owned oil company PetroCuader also reported a 90% recovery in production on Monday.
The company estimates it will take a week to recover 90% of production on Friday, but production rose to 361,535 barrels / day on Sunday. “Thanks to this effort, only 82 of the nearly 1,000 wells affected by the vandalism are closed,” Petroquador manager Italo Sedeno said in a statement.
The company was forced to issue a stern statement of force on the entire oil industry during the June 18 protests. The cancellation, which took effect in late June, will end on July 7 when the company can guarantee the customer that the supply agreement will be.
Norwegian oil and gas workers start strike, cutting output
Norwegian offshore workers on Tuesday began a strike that will reduce oil and gas output, the union leading the industrial action told Reuters.
Strikes by workers demanding higher wages to offset rising inflation come as oil and gas prices rise and natural gas supplies to Europe become particularly tight after Russia’s exports fell. It turned out to be “the strike has begun,” Redun union leader Odun Ingbalsen said in an interview.
The Norwegian government has said it is monitoring the conflict “closely”. In exceptional circumstances, you can intervene to end the strike. On Tuesday, Equiner said oil and gas production would be reduced by the equivalent of 89,000 barrels per day of oil, of which gas production would be 27,500 BOEPD.
The strike on Wednesday would reduce the country’s gas production to a total of 292,000 barrels per day or 13% of production, the NOG said on Sunday. The lobby announced.
Oil production will drop 130,000 barrels per day from Wednesday. That’s about 6.5% of Norway’s production, according to Reuters.
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